NBA Signs $1 Billion Deal With Nike
The sound of the swish and the look of the swoosh.
On Wednesday, the NBA announced that it has signed an eight-year apparel deal with Nike worth roughly $1 billion, according to ESPN. The deal will officially begin with the 2017-18 NBA season.
The NBA-Nike partnership marks a 245 percent annual increase from the league's previous deal with Adidas, which has been the official apparel partner of the NBA since 2006. Unlike that partnership, Nike's signature swoosh logo will be present on all players' jerseys.
Both the NBA and Nike are thrilled with the collaboration.
"This partnership with Nike represents a new paradigm in the structure of our global merchandising business," NBA commissioner Adam Silver said in a statement, as reported by ESPN. "As our exclusive oncourt apparel provider, Nike will be instrumental in our collective efforts to grow the game globally while applying the latest in technology to the design of our uniforms and oncourt products."
Added Nike president and CEO Mark Parker: "We're excited to bring the full power of our global reach, innovation and creativity to partner with the NBA and grow the game in a way only Nike can. In Nike, Jordan and Converse, we have three of the most connected brands in the world, and look forward to making the global growth of the game a successful strategy for both the NBA and Nike."
The NBA allowing Nike to have its swoosh logo on jerseys, marks a first for the league. NBA stars such as LeBron James, Kevin Durant and Kobe Bryant all have endorsement contracts with Nike.
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(Photos from left: NIKE, Christian Petersen/Getty Images)
